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Does Cash Flow cause Investment and R&D: An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms Author info | Abstract | Publisher info | Download info | Related research | Statistics Hall, B.
Mairesse, J.
Branstetter, L.
Crepon, B.
Additional information is available for the following
registered author(s):
The role of financial institutions and corporate governance in the conduct and performance of industrial firms, especially in the area of technological innovation and international competition has been hotly debated in the recent past. The results presented here are a contribution to the empirical evidence on the behaviour of individual firms that exist in somewhat different institutional environments. Using a panel data version of the Vector Auto Regressive (VAR) methodology, we test for causal relationship among sales and cash flow on the one hand and investment and R&D on the other.
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Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number
142.
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Length: 34 pages
Date of creation: 1998Date of revision:
Handle: RePEc:nuf:econwp:142Contact details of provider: Web page: http://www.nuff.ox.ac.uk/economics/
For technical questions regarding this item, or to correct its listing, contact: (Maxine Collett).
Keywords: INVESTMENTS ; RESEARCH AND DEVELOPMENT ; LIQUIDITY ; Other versions of this item:
Paper Bronwyn H. Hall, Jacques Mairesse, Lee Branstetter, and Bruno Crepon., 1998.
"Does Cash Flow Cause Investment and R& D: An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms ,"
Economics Working Papers
98-260, University of California at Berkeley.
[Downloadable!] Bronwyn H. Hall & Jacques Mairesse & Benoit Mulkay, 1998.
"Does cash flow cause investment and R&D: an exploration using panel data for French, Japanes and United States scientific firms ,"
IFS Working Papers
W98/11, Institute for Fiscal Studies.
Bronwyn H. Hall & Jacques Mairesse & Lee Branstetter & Bruno Crepon, 1999.
"Does Cash Flow Cause Investment and R&D: An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms ,"
Finance
9902005, EconWPA.
[Downloadable!] Find related papers by JEL classification: O32 - Economic Development, Technological Change, and Growth - - Technological Change - - - Management of Technological Innovation and R&D G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Investment Policy G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Hall, Bronwyn H. & Mairesse, Jacques, 1995.
"Exploring the relationship between R&D and productivity in French manufacturing firms ,"
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Zvi Griliches & Jacques Mairesse, 1991.
"R&D and Productivity Growth: Comparing Japanese and U.S. Manufacturing Firms ,"
NBER Working Papers
1778, National Bureau of Economic Research, Inc.
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Other versions:
Zvi Griliches & Jacques Mairesse, 1991.
"R&D and Productivity Growth: Comparing Japanese and U.S. Manufacturing Firms ,"
NBER Chapters ,
in: Productivity Growth in Japan and the United States, pages 317-348
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"R&D and Productivity Growth: Comparing Japanese and U.S. Manufacturing Firms ,"
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European Economic Review ,
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Zvi Griliches & Jacques Mairesse, 1982.
"Comparing Productivity Growth: An Exploration of French and U.S. Industrial and Firm Data ,"
NBER Working Papers
0961, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Zvi Griliches, 1998.
"Comparing Productivity Growth: An Exploration of French and U.S. Industrial and Firm Data ,"
NBER Chapters ,
in: R&D and Productivity: The Econometric Evidence, pages 157-186
National Bureau of Economic Research, Inc.
[Downloadable!] Zvi Griliches & Jacques Mairesse, 1991.
"Comparing Productivity Growth: An Exploration of French and U.S. Industrial and Firm Data ,"
NBER Chapters ,
in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 45-82
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"Initial conditions and moment restrictions in dynamic panel data model ,"
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Richard Blundell & Steve Bond, 1995.
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IFS Working Papers
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[Downloadable!] (restricted) Jacques Mairesse & Alan K. Siu, 1982.
"An Extended Accelerator Model of R&D and Physical Investment ,"
NBER Working Papers
0968, National Bureau of Economic Research, Inc.
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Other versions: Alexander, Ian & Mayer, Colin, 1990.
"Banks and Securities Markets: Corporate Financing in Germany and the UK ,"
CEPR Discussion Papers
433, C.E.P.R. Discussion Papers.
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Crepon, Bruno & Kramarz, Francis & Trognon, Alain, 1997.
"Parameters of interest, nuisance parameters and orthogonality conditions An application to autoregressive error component models ,"
Journal of Econometrics ,
Elsevier, vol. 82(1), pages 135-156.
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Bronwyn H. Hall & Jacques Mairesse, 2000.
"Univariate Panel Data Models and GMM Estimators: An Exploration Using Real and Simulated Data ,"
Econometric Society World Congress 2000 Contributed Papers
1114, Econometric Society.
[Downloadable!]
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Jörn Hendrich Block & Andreas Thams, 2007.
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Klaus Gugler, 2003.
"Corporate governance and investment ,"
International Journal of the Economics of Business ,
Taylor and Francis Journals, vol. 10(3), pages 261-289, November.
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Spiros Bougheas & Holger Görg & Eric Strobl, 2003.
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Review of Industrial Organization ,
Springer, vol. 22(2), pages 159-174, March.
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Mehdi Nekhili & Evelyne Poincelot, 2000.
"La fonction R&D et la latitude managériale:une analyse théorique ,"
Working Papers FARGO
1000303, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
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Other versions: Bruno Amable & Jean-Bernard Chatelain & Kirsten Ralf, 2004.
""Deep Pockets": Research and Development Persistence and Economic Growth ,"
Money Macro and Finance (MMF) Research Group Conference 2004
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Tomasz Mickiewicz & Kate Bishop & Urmas Varblane, 2004.
"Financial Constraints in Investment - Foreign Versus Domestic Firms. Panel Data Results From Estonia, 1995-1999 ,"
William Davidson Institute Working Papers Series
2004-648, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
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Polona Domadenik & Janez Prasnikar & Jan Svejnar, 2007.
"How to Increase R&D in Transition Economies? Evidence from Slovenia ,"
IZA Discussion Papers
2801, Institute for the Study of Labor (IZA).
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"The Effects of Trade on Research and Development ,"
Open Economies Review ,
Springer, vol. 14(1), pages 29-42, January.
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Mahlich, Jörg C. & Roediger-Schluga, Thomas, 2006.
"The Determinants of Pharmaceutical R&D Expenditures: Evidence from Japan ,"
UNU-MERIT Working Paper Series
015, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology.
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Other versions: Desiderio Romero Jordán & José Félix Sanz Sanz, 2007.
"Eficacia de los incentivos fiscales a la inversión en I+D en España en los años noventa ,"
Hacienda Pública Española ,
IEF, vol. 183(4), pages 9-32, december.
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Martin Woerter & Stephen Roper, 2008.
"Openness and Innovation - Home and Export Demand Effects on Manufacturing Innovation: Panel Data Evidence for Ireland and Switzerland ,"
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08-210, KOF Swiss Economic Institute, ETH Zurich.
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Bronwyn H. Hall, 2002.
"The Financing of Research and Development ,"
NBER Working Papers
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Bronwyn Hall, 2002.
"The Financing of Research and Development ,"
Department of Economics, Working Paper Series
1004, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
[Downloadable!] Bronwyn H. Hall, 2003.
"The Financing of Research and Development ,"
Finance
0303003, EconWPA.
[Downloadable!] Bronwyn H. Hall, 2002.
"The Financing of Research and Development ,"
Oxford Review of Economic Policy ,
Oxford University Press, vol. 18(1), pages 35-51, Spring.
Mariacristina Piva & Marco Vivarelli, 2006.
"Is Demand-Pulled Innovation Equally Important in Different Groups of Firms? ,"
IZA Discussion Papers
1982, Institute for the Study of Labor (IZA).
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"Corporate Restructuring and R&D: A Panel Data Analysis for the Chemical Industry ,"
Working Papers
173, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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Kaoru Hosono & Masayo Tomiyama & Tsutomu Miyagawa, 2004.
"Corporate governance and research and development: evidence from Japan ,"
Economics of Innovation and New Technology ,
Taylor and Francis Journals, vol. 13(2), pages 141-164, March.
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Dirk Engel & Torge Middendorf, 2007.
"Investment, Internal Funds and Public Banking in Germany ,"
Ruhr Economic Papers
0007, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
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Bronwyn H. Hall & Jacques Mairesse, 2000.
"Univariate Panel Data Models and GMM Estimators: An Exploration Using Real and Simulated Data ,"
Econometric Society World Congress 2000 Contributed Papers
1114, Econometric Society.
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Petri Rouvinen, 2002.
"R&D-Productivity Dynamics: Causality, Lags, and "Dry Holes" ,"
Journal of Applied Economics ,
Universidad del CEMA, vol. 0, pages 123-156, May.
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Angelica Gonzalez, 2007.
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ESE Discussion Papers
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Taiji Harashima, 2005.
"The Pro-cyclical R&D Puzzle: Technology Shocks and Pro-cyclical R&D Expenditure ,"
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0507012, EconWPA, revised 12 Jul 2005.
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Stephen Bond & Dietmar Harhoff & John Van Reenen, 2003.
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200205-13, National Bank of Belgium.
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"Empirical Likelihood: Improved Inference within Dynamic Panel Data Models ,"
ESE Discussion Papers
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Bronwyn H. HALL & Raffaele ORIANI, 2004.
"Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France ,"
Economics Working Papers
ECO2004/13, European University Institute.
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